Crypto analyst Jason Pizzino believes traders shouldn't anticipate a major pullback for Bitcoin (BTC) before its next upward movement.
He recently explained that whenever traders expect a final shakeout of weaker investors before Bitcoin surges, the market often behaves contrary to those expectations.
Drawing on Bitcoin’s previous rise to an all-time high in March, Pizzino suggests that the current upward trend could also extend over six months. Since this latest rally began last month, he speculates that Bitcoin could peak around February.
Reflecting on the last significant price increase, which began about a year ago and resulted in a 200% gain, Pizzino posed an intriguing scenario: if Bitcoin were to increase by just half that amount from its recent low, it could reach approximately $98,000.
He noted that projecting this target within a similar timeframe of 26 weeks leads to a reasonable expectation of growth. However, he cautioned that for those entering the market later, prices in the $80,000 to $90,000 range could be concerning if a correction occurs.
His prediction is rooted in growing instability across traditional financial systems and what he believes is the emergence of the most powerful bull market in history.
Japanese investment firm Metaplanet has officially joined the ranks of the world’s largest corporate Bitcoin holders, announcing Thursday the purchase of 145 BTC — pushing its total stash to 5,000 BTC, currently valued at around $460 million.
As global sanctions continue to isolate Russia from traditional financial networks, the country’s top financial bodies — the Central Bank and the Ministry of Finance — are preparing to launch a government-backed cryptocurrency exchange.
Veteran Bloomberg Intelligence strategist Mike McGlone has reiterated his bearish stance on Bitcoin, adding Dogecoin (DOGE) to the list of assets showing signs of weakness.